Rate Increase | Canadian Tire | Discussion forum

I had almost given up hope and was thinking of closing my account. Guess I'll hold off for now.

Canadian Tire Bank is reverting to its "want deposits mode". Canadian Tire Bank 4.62% 5 year GIC rate is the highest rate at TD WebBroker today

frencols said

Yeah. May be the response to their GICs hasn't been too great. 4.62%, while still high, isn't terribly appealing for a 5-year in current climate, at least to me.  

For someone with a TD brokerage RSP account, a 4.62% 5-year GIC is slightly attractive. An attractive non-sheltered 5-year GIC needs to be at least 5.0%

I won't go into details again but Canadian Tire will never see another penny of my money.

Moving it out was a pain in the ASS

Moving significant funds has significant pitfalls

Thanks, hwyc, not a bad rate for a HISA. Good illustration of why to keep empty accounts open, you never know what comes along.
https://www.ctfs.com/content/ctfs/en/retailbanking/rates.html#:~:text=Great%20News%3A%20Effective%20November%2024,Accounts%20has%20increased%20to%203.00%25.

rpotter28 said

Based on economic forecasts lately, I am thinking they will need more funds as Credit Card balance payments might lag for a while. So I predict their rate will go up from here.  

Interesting, could be a factor I guess. Also 9 other banks already pay 3% or more, with Motive having been there for over four months. So it's questionable how much new money they will get, without raising to be closer to 'class leading'.